The Californer - Financial Benefits of Getting Married

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NEWPORT BEACH, Calif. - Californer --

Social security benefits: Married persons can choose between 100% of their own Social Security benefits, or 50% of a partner's, which helps if the partner makes a lot more money or if they are a housewife or househusband.
Marriage entitles a widow or widower to up to 100% of their deceased partner's remaining Social Security benefits..
If you have substantially different incomes (e.g., $50k vs $150k), joint filing can actually pull the higher-earning spouse into a lower tax bracket.
You may both qualify for additional credits and itemized deductions.
You'll have access to a larger charitable contribution deduction.
If one spouse has a job and one doesn't, the latter can still contribute to an IRA with joint income.
On average, married people save between 4% and 10% on their car insurance.
If you're single and sell a house, you can exclude up to $250,000 of the profits from capital gains taxes. If you're married, you can exclude up to $500,000.
A surviving spouse is automatically the beneficiary of a deceased spouse's 401(k).
Each year, an individual can give away up to $16,000 worth of property and cash without the gift tax from the IRS. Married couples can gift $32,000.
Married couples save money on insurance.

When It Doesn't Help To Be Married

Your student loan lender could use the other spouse's higher income as justification for raising your monthly payment.
Your spouse's credit score could raise your car insurance (https://smartfinancial.com/auto-insurance) and home insurance bills.
Your spouse's driving history could raise your car insurance bills.
Your spouse is substantially older and you're buying health insurance together.

Car Insurance Savings

Married people pay less for car insurance (https://smartfinancial.com/auto-insurance) more often than not. For example, in Florida, married couples typically pay around $263.79 per month while single drivers average in at around $434.37 per month. That's almost half the cost of being unmarried.
It may hurt your insurance rate if your spouse has terrible credit or has a blemished driving history.
Most carriers require that you list a spouse on the policy if you live together.

Health Insurance

Jumping onto a spouse's superior health insurance coverage through work can save you some money.
If you both don't have health insurance, you can save money with a family health insurance plan, especially if you compare rates (https://smartfinancial.com/health-insurance).

Professional Quote

More on The Californer

Michael Orefice, SVP of Operations at SmartFinancial, says:

"More often than not, people save money buying insurance as a couple versus buying it alone," says Michael Orefice of SmartFinancial. "It may raise your rates is if a spouse has bad credit or, if you're buying health insurance, they are much older."